Best’s Market Segment Report: AM Best Assigns Negative Outlook to Spain’s Life Insurance Market

AM Best has assigned a negative market segment outlook to the Spanish life insurance market. Key supporting factors include AM Best’s expectation of a negative impact on earnings and solvency metrics due to the financial market volatility and global recession driven by the coronavirus (COVID-19) pandemic, a reduced demand for savings products and an increased risk of corporate bond default due to the deteriorating economic conditions.

A new Best’s Market Segment Report, titled, "Market Segment Outlook: Spain Life," notes that these negative factors are partly moderated by strong market fundamentals going into the COVID-19 crisis, including robust profitability and strong levels of capitalisation and liquidity. In addition, assets and liabilities are generally closely matched, reducing Spanish life insurers’ sensitivity to interest rate movements.

To access a complimentary copy of this special report, please visit

AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit

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Giannina Carbajal Ortiz
Financial Analyst
+31 20 308 5428

Richard Banks
Director, Industry Research – EMEA
+44 20 7397 0322

Jessica Botelho-Young, CA
Senior Financial Analyst
+44 20 7397 0310

Edem Kuenyehia
Director, Market Development &

+44 20 7397 0280